Loans: Direct Selling:Written question - HL513

Asked on: 16 June 2015
HM Treasury
Loans: Direct Selling
To ask Her Majesty’s Government when the Financial Conduct Authority's consultation on telemarketing of payday loans, announced on 26 November 2014 during the passage of the Consumer Rights Act 2015 (HL Deb, col 913), will take place.
Answered by: Lord O'Neill of Gatley
Answered on: 29 June 2015

The Financial Conduct Authority has committed to undertake a consultation on unsolicited marketing calls, emails and text messages from consumer credit firms, including payday lenders. This will take place in the summer. The consultation will include specifically looking at whether these unsolicited communications should be banned, given the potential for causing significant distress to consumers.

The FCA requires that cold calling by phone, text or email makes both the identity of the firm clear, as well as the purpose of the communication, so the consumer can decide whether to proceed.

Share this page